By factory settings, I am assuming you are reffering to the Operating System, or Windows XP. If this is not a correct assumption, please let me know.
Unfortunately, there is no way to reset the PC to a factory default configuration with out the discs provided by the manufacturer. Those discs not only contain the operating system install files, but also any drivers that are used that are specific to models made by that manufacturer.
Newer PCs skip the need of discs by creating a "Recovery Partition" on your hardrive. Think of this as a snapshot taken of your PC just as it leaves the manufacturer. It is possibly to boot to this partition, erase you current configuration, and restore this "factory default" configuration. Unfortunately, this option is not available on your specific PC model.
It is possible to re-install the Windows operating system by using any type of Windows install media (CD,DVD,etc), but you will also have to download any special drivers (video card, sounds card, printer) from the manufacturer's web site.

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...ONLY A TRY HERE, BUT GO INTO SETUP,RESET TO "DEFAULT" TO RETURN EVERYTHING TO FACTORY SPECS.YOU WANT LOSE ANY OF YOUR DATA, HOPEFULLY.
I recently bought a new Dell with Win7 preloaded...it inadvertently came with a password installed...Dell's oops...had to send a tech out with new HDD and a backup disc I didn't get. Passwords are now stored on HDD's!

For that you need to reset factory defaults settings for bios.For reset bios u have to open back side of your laptop then u find motherbord circuit there.pull cmos cell on motherbord for 15 minute then it reset to defaults.Also u can reset with jumper settigns read carefully on mother bord there is 1 jumper near cmos cell u read there " bios reset or clear"It is on 1-2 position right now set it in 2-3 position then power up then all bios settings are reset.then again set it in 1-2 its original position.Then it not want password.

there are a few programs out that can be used to reset xp and vista passwords but most are corporate software like bestbuy has MRI software that can reset or you can call HP and order recovery software approx 20 bucks well worth it